Chinese Estates CEO
Drops His Buyout Plan

HONG KONG -- Chinese Estates Holdings Ltd. Chief Executive Joseph Lau said he has shelved plans to buy out the midsize Hong Kong property developer, because of opposition from some major shareholders.

Mr. Lau said after the company's annual general meeting he had wanted to take Chinese Estates private, explaining it would be "more convenient" for him to run it as a private company. He said he had set aside 30 billion Hong...